Tag Archives: Mortgage Debt

Amid a household debt increase of $35 billion in Q2 and the mortgage sector’s share of that debt declined from a huge spike in Q1, recently released data for Puerto Rico’s banking sector completes the picture of household debt for the Commonwealth.

Mortgage debt’s share of total GDP experienced frequent growth culminating in the housing bubble peak and consequently, has been on a steep decline since the bubble burst. The good news is decline has been slowing in recent quarters.

In 2014, mortgage debt was the third-highest form of debt among consumers, with 28 percent holding some form of housing-related debt, the report showed. The highest percentage of consumers have mortgage debt in their late 30s through their early 60s. For borrowers with mortgages, debt balances averaged $160,000 in 2014, up from $150,000 in 2010.

According to the New York Fed, foreclosures hit their lowest point in the 16-year history of the bank's Consumer Credit Panel, which uses anonymized Equifax credit data to generate a nationally representative sample.